FORM 6-K

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


For the month of May 2003 (No. 2)

                            TOWER SEMICONDUCTOR LTD.
                 (Translation of registrant's name into English)


                    P.O. BOX 619, MIGDAL HAEMEK, ISRAEL 10556
                    (Address of principal executive offices)


         Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.

                     Form 20-F   x   Form 40-F
                              -------         ------


         Indicate  by check  mark  whether  the  registrant  by  furnishing  the
information contained in this Form is also thereby furnishing the information to
the Commission  pursuant to Rule 12g3-2(b) under the Securities  Exchange Act of
1934.


                         Yes       No   x
                            ------   -------






          On May 20,  2003,  the  Registrant  announced  that it received  $13.4
million from its strategic and equity investors.  A copy of the press release is
attached hereto as Exhibit 1.

         On May 19, 2003,  the  Registrant  announced that it signed a long term
license  agreement  for  0.18  and  0.13  micron  technologies  for  its  Fab  2
manufacturing  facility.  A copy of the  press  release  is  attached  hereto as
Exhibit 2.

         On May 14, 2003,  the  Registrant  announced the results of its special
general  meeting  of  shareholders  held on May 14,  2003.  A copy of the  press
release is attached hereto as Exhibit 3.

         This  Form 6-K is being  incorporated  by  reference  in all  effective
registration statements filed by us under the Securities Act of 1933.







                                   SIGNATURES

         Pursuant to the  requirements  of the Securities  Exchange Act of 1934,
the  registrant  has duly  caused  this report to be signed on its behalf by the
undersigned, thereunto duly authorized.


                                             TOWER SEMICONDUCTOR LTD.



Date:  May 21, 2003                  By:      /s/ Sheldon Krause
                                          ------------------------------------
                                              Sheldon Krause
                                              Assistant Secretary